Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Singapore bank DBS starts trading on London Metal Exchange

Published 21/06/2021, 03:39
Updated 21/06/2021, 03:40
© Reuters. People walk past a DBS branch in Singapore October 8, 2019. REUTERS/Feline Lim/Files

© Reuters. People walk past a DBS branch in Singapore October 8, 2019. REUTERS/Feline Lim/Files

(Reuters) - Singapore bank DBS said on Monday it has commenced commodity trading on the London Metal Exchange (LME), as metals prices surge on global economic recovery, after becoming the first bank in Asia to be issued bourse membership registered outside London.

DBS has become one of four current LME Category 4 members, which allows the bank to trade for its own account and on behalf of clients but without a clearing ability.

The climb in metals prices reflects abundant market liquidity, speculative buying and robust demand prospects in the next decade from the booming renewable energy and electric vehicle sectors, both emerging as key metals-consuming sectors.

© Reuters. People walk past a DBS branch in Singapore October 8, 2019. REUTERS/Feline Lim/Files

"Metals are an essential enabler to achieve a sustainable future, and as global demand for the commodity continues to grow exponentially, so will expectations on the industry's sustainability standards," said Tan Su Shan, DBS' Group Head of Institutional Banking.

The 144-year-old LME, owned by Hong Kong Exchanges and Clearing Ltd., is the world's oldest and biggest marketplace for industrial metals and Europe's last open-outcry trading floor.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.